EarningsBeats.com Digest

Published: Wed, 07/01/20

EarningsBeats.com Digest for July 1, 2020

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A Breakout In A Medical Supplies Company

Hologic, Inc. (HOLX) isn't on our Strong Earnings ChartList (SECL), but it is on both our Strong AD ChartList (SADCL) and our Strong Future Earnings ChartList (SFECL). We know that stocks on these ChartLists are, for the most part, outperforming the benchmark S&P 500 and relative strength is our friend. So I took note last week when HOLX broke out above multi-month price resistance in the 54.00-55.00 range. After reaching 56.00, it pulled back one more time and tested its rising 20 day EMA and then did this on Tuesday:

The breakout was confirmed by heavy volume and HOLX is a leading stock in the medical supplies group ($DJUSMS). I still believe that health care stocks are poised to report very solid earnings when earnings season begins in a few weeks. HOLX, which is close to a 52 week relative high vs. both its peers and the S&P 500, stands to benefit and Wall Street appears to agree with me. While it's not reflected on the above chart, HOLX closed on Tuesday at an all-time high in addition to a 52 week high.

Happy trading!

Tom Bowley

Chief Market Strategist

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